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10 Oct 2006:
SIBOS -- IBM (
The banking collaboration will combine the business and IT architectural leadership of IBM in banks, banking-specific application solutions from Oracle®, and core banking and risk solutions from i-flex. This combination can help banks today, using proven, market-leading solutions in CRM, Core Transaction Processing, Risk, Analytics and Corporate Operations to translate a bank's business strategies into execution in a timely and effective manner.
With today's news, the companies announced the launch of i-flex's powerful retail banking product, FLEXCUBE, on the IBM System z mainframe platform, delivering world-class performance, reliability and security banks require. Under the companies' banking alliance, IBM plans to expand its services with Oracle and i-flex to help ensure unparalleled integration and support for IBM platforms.
"The collaboration represents a unique combination of leading companies to provide a comprehensive and total solution for top tier banks to migrate to the integrated banking applications and platforms of the future," said R. Ravisankar, CEO, International Operations and Business Development, i-flex solutions. "IBM's proven ability to manage complex systems integration, their experience on i-flex applications and phased and evolutionary migration will ensure minimal disruption risk."
"With our expanded set of applications for the banking enterprise, Oracle is teaming with IBM to deliver what customers want most -- integrated solutions to their business problems," said David Sardilli, Senior Vice President, Global Financial Services Business Unit at Oracle. "Our currently available applications and our joint support for standards and Services Oriented Architecture provide a broad portfolio for large banks which need scale, integration, and long-term support."
The three companies share a common vision of the competitive differentiators in banking where institutions must:
-- Proactively service their customers in a consistent manner through all delivery channels -- Rapidly configure, bundle, and price product offerings to respond to market opportunities -- Instantly leverage the terabytes of information about clients and markets to manage risk, ensure compliance and define profitability
"Large banks are now more aggressively using leading edge IT systems to meet growth targets. As bankers increasingly select innovative solutions to drive revenue, they need help planning IT strategy, designing next-generation architectures and deploying and supporting applications," said Ian Hurst, General Manager, Banking and Financial Markets Industries, IBM. "Our companies will work together to offer bankers proven, market-leading solutions in CRM, core systems and risk analytics. These joint offerings will help banking clients to quickly and cost-effectively execute business strategies."
About i-flex solutions
i-flex® solutions (Reuters: IFLX.BO & IFLX.NS) is a world leader in providing IT solutions to the financial services industry, with more than 660 customers in over 120 countries. i-flex's range of products, custom solutions and consulting services enable financial institutions to cut costs, respond rapidly to market needs, enhance customer service levels and mitigate risk.
flex and FLEXCUBE are registered trademarks of i-flex solutions. Reveleus, Daybreak, Mantas and PrimeSourcing are trademarks of i-flex solutions and are registered in several countries. Oracle, JD Edwards, PeopleSoft, and Siebel are registered trademarks of Oracle Corporation and/or its affiliates. Other names may be trademarks of their respective owners.
The above is intended to outline our general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, and timing of any features or functionality described for Oracle's products remains at the sole discretion of Oracle.
SIBOS: Shannon Neate
IBM Media Relations
0408 496 442
New York: Sean Tetpon
IBM Media Relations
+1 (914) 474-5508
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